26 June 2013
Seven major construction projects are underway in a South African industrial development zone, pumping nearly $120m into the country’s Eastern Cape construction industry over the past six months.
The Coega Industrial Development Zone outside Port Elizabeth has recently seen over 2,500 jobs created and state-owned Coega Development Corporation (CDC) expects this number to grow, according to AllAfrica.com.
"The global economic climate is still not stable, yet investment continues to flow into the Coega IDZ," said Ayanda Vilakazi, spokesperson for CDC.
Investors include companies such as industrial gas firm Air Products South Africa, food service group Famous Brands and Chinese automaker China First Automobile Works, which ranks among the top global 500 corporations.
Vilakazi believes the reason why companies are so eager to invest in Coega is due to quick turnaround times between signing contracts and moving to operational phase, explaining they were able to construct buildings for investors relatively quickly.